SEARCH EXPLORATION ANNOUNCES WELL COMPLETION, STOCK-BUY BACK PLAN
DALLAS, July 7 /PRNewswire/ -- Search Exploration, Inc. (NASDAQ: SXEI) today announced the completion of the Fina No. 2 Wearden well in Jackson County, Texas, which encountered 40 feet of net Frio gas pay from a depth of 6,702 to 6,754 feet. The well will flow into the gas sales line which currently serves the first well drilled on the prospect, the Goff No. 2. The company said the Fina No. 2 well is expected to produce in excess of 4 million cubic feet of natural gas per day. Search owns a 4.6875 percent net revenue interest in the well.
The company also announced that its board of directors -- expressing its belief that Search's stock is undervalued -- has approved an investment program authorizing management to repurchase up to 10 percent of the company's outstanding common stock in the open market or in privately negotiated transactions at prices management deems appropriate.
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/CONTACT: Larry Howell of Howell Communications, Inc., 214-340-9994, for Search Exploration; or Chip Langston, president of Search Exploration, 214-991-4100/
(SXEI) CO: Search Exploration Inc. ST: Texas IN: OIL SU:

TQ -- NY024 -- 6916 07/07/92 10:15 EDT

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